After news of exchange shake-ups in China triggered a wave of panic selling, prices fell below $3,000 for the first time in months. Overall, this was the lowest total observed on the CoinDesk Bitcoin Price Index since August 5, when a V-shape recovery saw prices rise all the way to $3,875.
Yet, just a few days later, the price is already back at that level, having gained 33% in three days.
The sharp recovery could be attributed to oversold technical conditions and to the relief offered by news that China’s exchange ban would not impact all forms of cryptocurrency trading.
You might think BTC is bullish and will easily hit 5k again? Yes, it is possible that it will go straight to new all-time highs.
I am also very sure you would love to see that bitcoin could look something like this:
But there is a chance, that BTC will collapse again before that.
Today I wanna warn you about a possible bearish scenario, which is likely to occur when BTC is unable to bust through 4378$ (which is the 100% extension level). Right now the chance for this is basically 50/50. It does not look too bullish yet, which could change soon.
This is what you don't want to see, if you want bullish BTC and altcoins:
Also be aware of this trendline. But a breach of this trendline does not equal a bullish scenario yet, which is shown in the second picture:
Okay..
I like to remind you about China ban ICO and China ban bitcoin. Lets we talk about ICO that all results and banning matter from China gov will apply on end of September and early October. This will be had festival cheap sale by FOMO trader group. And we will see bitcoin will in freefall style.
Now i tell you.. That "ONLY TEMPORARY"
During an interview with state-owned national television network CCTV-13, Hu Bing, a researcher at the Institute of Finance and Banking, a Chinese government-supported academic research organization, claimed that the government’s ban on initial coin offerings (ICOs) is only temporary.
“Only temporary”
In his interview with CCTV translated by Box Mining, Bing explained that the suspension on ICOs and the government’s declaration of ICOs as an illegal fundraising method are only temporary, until local financial regulators introduce necessary regulatory frameworks and policies for both ICO investors and projects.
More importantly, Bing emphasized that the Chinese cryptocurrency community must understand that the government has not “forbidden” ICOs but instead “paused” them, demonstrating the government’s intention to resume ICOs in the near future. Bing also noted that the Chinese government and its financial regulators are currently considering the potential of allowing ICOs to raise money in a controlled environment, through a licensing program.
THAT THE NEWS..
Then after end of September and early of October, the manner will come BACK at November Rain... This will again can see bitcoin once again make gold medal in freefall games.. hahahhaa.. 😆😆😄😄😄😃😀😁😉😉
Nvm.. I will keep update (upvote 😋) on what is going on once i see a new moving price..
For now, below is the important price (blue lines) which either bitcoin will bullish and hit 5k again or will bearish.
Disclaimer :
This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Have a nice trade everyone..🤗🤗🤗